FD interest rate up to 9.5%: These banks offer over 9% interest rate on fixed deposits for senior citizens

Planning and investing money rationally is very important, especially in old age. Fixed deposits (FDs) are a prudent financial option since they offer a dependable source of income and capital security.

There are several benefits of investing wisely like financial security, healthcare costs coverage, independence, beating inflation, maintaining purchasing power and a steady flow of returns. This is especially liked by those who desire a stable income after retirement. Banks are now offering interest rates upto 9.5% for senior citizens, which is higher than the one offered to general investors. With these FD rates, senior citizens can grow their funds quickly without taking on additional risk of investing.

Some ways through which an investment can prove to be beneficial are:

Investing in multiple schemes with different tenures and FD rates, because of which the potential danger of placing all the money in one FD at a fixed rate is decreased.

A variety of FDs could allow more cash in hand for investors.

Reinvesting the principal amount and interest income to benefit from the compounding effect and make even bigger earnings.

ACCORDING TO THE PAISABAZAAR DATA, HERE IS THE LIST OF BANKS OFFERING FD INTEREST RATES FOR SENIOR CITIZENS:

Axis Bank is offering an interest of 7.85% for the tenure of 17 months to less than 18 months, 7.2% for 1st year tenure, 7.6% for 2nd year tenure and 7.75% for the third year tenure.

HDFC Bank is offering an interest of 7.75% for the tenure of 5 years 1 day to 10 years & 18 months to less than 21 months, 7.1% for 1st year tenure, 7.5% for 2nd year tenure and 7.5% for the third year tenure.

ICICI Bank is offering an interest of 7.75% for the tenure of 15 months to 2 years, 7.2% for 1st year tenure, 7.5% for 2nd year tenure and 7.5% for the third-year tenure.

SBM Bank India is offering an interest of 9% for the tenure above 3 years 2 days to less than 5 years, 7.6% for 1st year tenure, 8.15% for 2nd year tenure and 7.55% for the third-year tenure.

Yes Bank India is offering an interest of 8.25% for the tenure of 18 month to less than 2 years, 7.75% for 1st year tenure, 8% for 2nd year tenure and 8% for the third-year tenure.